During the first quarter of 2014, the economy contracted at a revised rate of 2.1% as a result of the harsh winter weather. The contraction represented the first quarterly decline in GDP since the first quarter of 2011. Second quarter results registered a very strong 4%, rebounding from the weather-impacted first quarter results. As we move through the summer of 2014, we expect the economy to show continued improvement in consumer spending trends along with positive capital spending trends.
The complete Summer 2014 Market and Economic Quarterly is available online.